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Failing the Test? The Flexible U.S. Job Market in the Great Recession

Freeman, Richard B. - 2013

The Great Recession tested the ability of the "great U.S. jobs machine" to limit the severity of unemployment in a major economic downturn and to restore full employment quickly afterward. In the crisis the American labor market failed to live up to expectations. The level and duration of...

Persistent link: https://www.econbiz.de/10012459074

What Explains the German Labor Market Miracle in the Great Recession?

Burda, Michael C. - 2011

Germany experienced an even deeper fall in GDP in the Great Recession than the United States, with little employment loss. Employers' reticence to hire in the preceding expansion, associated in part with a lack of confidence it would last, contributed to an employment shortfall equivalent to 40...

Persistent link: https://www.econbiz.de/10012461471

Economic Reforms and Labor Markets : Policy Issues and Lessons from Chile

Edwards, Sebastian - 2000

This paper deals with the reform to labor market regulation implemented by Chile during the last twenty years. We … concentrate on the reform to job security, on the decentralization of the wage bargaining process, and on the reduction in payroll …' to U.S' levels. We argue that the reduction of payroll taxes (within the context of the social security reform), and the …

Persistent link: https://www.econbiz.de/10012471121

Protective or Counter-Productive? European Labor Market Institutions and the Effect of Immigrants on EU Natives

Angrist, Joshua - 2001

We estimate the effect of immigrant flows on native employment in Western Europe, and then ask whether the employment consequences of immigration vary with institutions that affect labor market flexibility. Reduced flexibility may protect natives from immigrant competition in the near term, but...

Persistent link: https://www.econbiz.de/10012470055

Wage Adjustment in the Great Recession

Elsby, Michael W. - 2013

Using 1979-2011 Current Population Survey data for the United States and 1975-2011 New Earnings Survey data for Great Britain, we study wage behavior in both countries, with particular attention to the Great Recession. Real wages are procyclical in both countries, but the procyclicality of real...

Persistent link: https://www.econbiz.de/10012459184

What - or Who - Started the Great Depression?

Ohanian, Lee E. - 2009

Herbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for...

Persistent link: https://www.econbiz.de/10012463362

Labor Markets During the COVID-19 Crisis : A Preliminary View

Coibion, Olivier - 2020

We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are being affected by the covid-19 pandemic. We document several facts. First, job loss has been significantly larger than implied by new unemployment claims: we estimate 20 million...

Persistent link: https://www.econbiz.de/10012481974

The Labor Market in the Great Recession

Elsby, Michael W. - 2010

From the perspective of a wide range of labor market outcomes, the recession that began in 2007 represents the deepest downturn in the postwar era. Early on, the nature of labor market adjustment displayed a notable resemblance to that observed in past severe downturns. During the latter half of...

Persistent link: https://www.econbiz.de/10012462625

Aggregate Implications of Labor Market Distortions : The Recession of 2008-9 and Beyond

Mulligan, Casey B. - 2010

The aggregate neoclassical growth model - with a labor income tax or "labor market distortion" that began growing at the end of 2007 as its only impulse - produces time series for aggregate labor usage, consumption, investment, and real GDP that closely resemble actual U.S. time series. Of...

Persistent link: https://www.econbiz.de/10012462971

Confidence, Crashes and Animal Spirits

Farmer, Roger E.A. - 2009

This paper presents a model of the macroeconomy that reformulates what I take to be two important ideas from Keynes General Theory. The first is that there may be a continuum of steady state unemployment rates. The second is that beliefs select an equilibrium. I argue that search and matching...

Persistent link: https://www.econbiz.de/10012463802

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